Ocean Protocol: A Deep Dive Into Decentralization

• Ocean protocol aims to level up the field of data and AI by presenting a solution by which anyone can access and monetize the data
• Founded in 2017 by Bruce Pon and Trent McConaghy, data scientists and AI practitioners can earn money by providing relevant data

The modern digital world is all about data. Data is needed in every industry so as to analyze  growth and future trends. As AI gets more prevalent, we require more information to prove beyond any doubt that the AI models are correct and useful. Right now, as it were, a number of enormous companies have control over getting to information.

To solve this problem and make the data accessible to anyone, the Ocean Protocol comes with a groundbreaking solution. Its main aim is to connect data providers and consumers with its advanced blockchain technology. With the help of the protocol, anyone can access and monetize the data. 

Understanding The Concept of Ocean Protocol

Some time recently, we will get it; we ought to know what its objective is or what it is attempting to make. So, its fundamental reason is to make the information available to everybody without including any outside company or organization. Typically a framework that’s accessible for anybody to utilize and connect since it does not have a central specialist.

You can deploy ERC 721 data NFTs and ERC 20 data tokens to publish data services, and to consume them, you can spend data tokens. The protocol is very useful for AI practitioners and data scientists who work in industries where a gargantuan amount of data is required. 

The protocol was founded in 2017 by Bruce Pon and Trent McConaghy, who have a deep background in big data, blockchain, AI, and data exchanges. The protocol has a layered architecture and is based on a proof-of-service consensus model. IT has smart contract capability, helping users unlock a wide variety of data services. 

How Does Ocean Protocol Work?

The protocol’s architecture is divided into two layers, the first being application and the second being  smart contracts. The top layer, which is the application layer, consists of apps where users can make use of services like data, algorithms, compute-to-data, and many more.

You can also buy and sell data tokens with the help of Ocean Marketplace. The lower layer, which is a smart contract layer, provides features such as publishing new assets, deciding prices, facilitating consumption, and many more. These two layers work simultaneously, helping the protocol work efficiently. 

What Makes The Ocean Protocol Unique?

What makes the protocol unique is its main focus on providing  data in a decentralized manner. The project places an emphasis on improving AI by providing the developers with a wide variety of data. Democratizing the data is what makes it unique and helps it outperform its competitors.

Conclusion

In a nutshell, the protocol is really a groundbreaking innovation in the digital world that is extensively data-driven. By enabling a wide variety of data for anyone and monetizing that data, the protocol has become a significant name in the digital space. Integrating blockchain technologies into data sciences is really an appreciable thing. 

It’s interesting to know what the future holds for protocol, as it is really democratizing data in this digital, data-driven world.